Democrat Fingerprints are all over the financial crisis »
Posted By Wolfie2007 1 year, 2 months ago in Business & FinanceOf all the characteristics of a successful politician, none is more essential than bare-faced cheek. Never has this been more evident than in the past fortnight, as senior Democrat members of the US legislature have sought to lay all the blame for the country's financial crisis on the executive arm of Government and Wall Street.
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redtomatoComment removed: Spammer71 Replies
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Wolfie20071 year, 2 months ago
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FTA
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Neither of these two institutions is blameless – far from it. Yet when I see such senior Democrats as Barney Frank, Chairman of the House Financial Services Committee, and Christopher Dodd, Chairman of the Senate's Banking Committee, play the part of avenging angels – well, I can only stand in silent awe at the sheer tight-bottomed nerve of it. These are men with sphincters of steel. -
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Wolfie20071 year, 2 months ago
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There should be a Special Prosecutor appointed, now by Bush, so the investigation can continue after January 2009, The S/P should be put in charge of all the investigations now being conducted. The American people need to know the who, what, why and how this happened. No matter who is at fault.
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If it's George Bush's fault then he should be frog marched out of the White House but the same goes for any guilty party.
Hey, liberal democrats do you want to get on board the Special Prosecutor Express?-
redtomatoComment removed: Spammer
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ADAGUY1 year, 2 months ago
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Frogmarched?
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Be careful what you ask for! You just might get it!
I'm all for a special prosecutor, but before you get in a hurry, ask yourself who is the party of deregulation? Who has been shouting this word from the rooftops ever since 1980?
The problem I have with the bailout is the fact that no one even mentioned the word "fraud"!
How convenient!
I guess they knew that with Bush in charge, a true thorough investigation was not about to happen. -
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MRCOFFEECAKE1 year, 2 months ago
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You mean like the Valerie Plame and Gonzales investigations, where all forms of
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truth seeking were stonewalled by Bush's people???
"I don't recall".."Executive Privilege" and "classified information" excuses..
Don't you remember THAT?
Don't you remember how Bush promised to "prosecute whoever is responsible for this
outing of a CIA agent" >>>> Then (in the hope that the truth was never uncovered) he didn't hesitate to pardon him once it was...
For 8 years you have been protecting, with excuse after excuse, the biggest obstacles to our justice system, and NOW we're supposed to believe that you're reformed??
No way..You'd do it all again,. and again.. So can your new found Puritanism..No one buys it.
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sarahturnerComment removed: Spam
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redtomatoComment removed: Spammer10 Replies
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Wolfie20071 year, 2 months ago
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The liberal democrats keep saying it was free market deregulation that caused this crisis. Please, any liberal democrat reading this message would you explain how deregulation caused this crisis in a reasonable, rational, civil and thoughtful dialog. With proof to back your argument. Please.
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redtomatoComment removed: Spammer
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flyonthewallzz1 year, 2 months ago
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http://www.factcheck.org/elections-2008/who_caused...
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I thought this was a pretty level headed look at the situation.
Give me a little bit to open up my other computer, to find out how much the Nixon administration got for selling off Fannie May.
If you really want to here just a Dem-Lib opinion without the proof, I blame the banking industry.
Call it socialism if you wish: but a day came when a worker could not earn enough money to buy a home or an automobile with their savings. The banks did not have enough cash to lend them the money, So the government made it worth their while. Personally I think it would have been better if market prices had been kept within regular folks wages. A lot of water has passed under the bridge since then. And we have come to expect usury and somehow gotten used to being in dept, and we have accepted the prying eyes of the folks that define our credit ratings.
When we borrow money to buy something we now pay about double for it, and the big half goes to the money changers.
Usury was considered a sin, and the bible talks about reaping where you did not sow.
I believe many of the state governments tried to throw a monkey wrench into the Sub-Prime lenders operation, those folks where charging more interest than the state usury laws allowed, they where trumped by the fed.
So the secret credit rating spy's where somehow now able to get folks to pay about triple for some thing. The investors just saw dollar signs.
And a home now costs about five times the land, and sticks, and the labor to build it.
A successful parasite does not kill the host.
Okay, I did not really answer the question. Sure Dems and Reps both share the blame for what has happened. I think both have been manipulated by industry.
The road to Hell may be paved with good intentions. With respect to another perspective, given a choice I have voted for the intent of what the democrats seem to stand for. -
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protoham1 year, 2 months ago
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Unfortunately it was not a free market, CRA made sure of that. Then add a Community Organizers to take advantage of that and sue the banks to force risky loans.
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Wasn't BO a Community Organizer? Wasn't that his qualification to be president?
I think we all know where the blame lies, but some are so blind with King BO that they can't see the truth. BO is not the only one, but he is the one running for King, er President.
http://www.youtube.com/watch?v=adc3MSS5Ydc -
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ibstilyn1 year, 2 months ago
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I'm sure you remember Phil Graham --yeah.. the "nation of whiners" guy and McCain advisor given the boot. Ya know he sponsored this bill back in 1999 called the Graham-Leach-Blialey act that deregulated the loan industry. Representative John Dingell saw it coming--this from a speech on the floor:
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CONFERENCE REPORT ON S. 900, GRAMM-LEACH-BLILEY ACT —
(House of Representatives - November 04, 1999)
[Page: H11542]
Mr. DINGELL. Madam Speaker, I yield myself the remaining time for purposes of closing.
Madam Speaker and my colleagues, I think we ought to look at what we are doing here tonight. We are passing a bill which is going to have very little consideration, written in the dark of night, without any real awareness on the part of most of what it contains.
I just want to remind my colleagues about what happened the last time the Committee on Banking brought a bill on the floor which deregulated the savings and loans. It wound up imposing upon the taxpayers of this Nation about a $500 billion liability. That is what it cost to clean up that mess.
Now, at the same time, the banks by engaging in questionable practices wound up in a situation where the Fed and the Treasury Department had to bail them out also at the taxpayers’ expense. But it did not show.
Having said that, what we are creating now is a group of institutions which are too big to fail.
Not only are they going to be big banks, but they are going to be big everything, because they are going to be in securities and insurance, in issuance of stocks and bonds and underwriting, and they are also going to be in banks. And under this legislation, the whole of the regulatory structure is so obfuscated and so confused that liability in one area is going to fall over into liability in the next. Taxpayers are going to be called upon to cure the failures we are creating tonight, and it is going to cost a lot of money, and it is coming. Just be prepared for those events.
You are going to find that they are too big to fail, so the Fed is going to be in and other Federal agencies are going to be in to bail them out. Just expect that.
~~~end quote~~~~~~~~~
Everytime deregulation rears it's ugly head we take it on the chin--the savings and loan deregulation , deregulation of power generators (see Calif & Enron) and on & on. If the regulations that were originally there had been left in place this wouldn't have happened. The loans made years ago under original Freddie/Fanne scope are not the ones defaulting--it's the ones made after 2004 that make up the highest percentage of defaults. And most of these were not minority borrowers. I bought my house in 1997 , had to prove income and as Klarissa pointed out had to have a down payment. While we are re-regulating the industry lets put CEO salaries back in line with the average joe and bring back all those outsourced jobs too..oh , that's right Bush says outsourcing is good for america--just like deregulation
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Wolfie20071 year, 2 months ago
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flyonthewallzz1 year, 2 months ago
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Hi Wolfie:
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You may not have noticed, but I am careful not to use disrespectful language about our current administration. I even refrain from giving positive votes to my fellow libs who speak disrespectfully.
But... this administration has gone on a spending spree, and has borrowed more money than we can afford to pay for it.
The banks borrowed money to buy those mortgage backed securities.
And the folks that make the real stuff, and spend there earnings on the stuff that other folks have made, became over extended.
Paying off middle men.
And the value of the dollar, which is what they give me for my time, has devalued. -
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ADAGUY1 year, 2 months ago
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"this is your big chance to take down George Bush"
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I assure you, no one will pay for this except the taxpayer himself!
There are big names at stake here, and they can afford some pretty hefty bribes to see to it that an investigation goes nowhere.
This is no different that the S & L mess all over again, but were playing for higher stakes! By the way, anyone recall what caused the S & L mess in the first place?
De Regulation!
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Wolfie20071 year, 2 months ago
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flyonthewallzz1 year, 2 months ago
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Sure I am!
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But I feel that the folks that are really responsible have already taken their money and are protected by the limits of their liability.
As screwed up as it is, the whole reason the government got into the deal of buying mortgages from banks was so that folks could afford to buy a home in spite of the cost of money being jacked up.
The banks got a sweet deal. Not that there is anything wrong with profits, but banks and Holding companies have enjoyed the highest profit margins, by far, compared to just about any other industry.
Our Government should have pulled the plug and stopped buying and insuring their dept when it was learned that segments of the population where being red lined.
There is an old joke about the black guy who went into a bar for a drink, and instead of getting kicked out they charged him triple for the drinks. The next night he brought his friends, and they kicked the white guys out. -
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nostalgia1 year, 2 months ago
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Have you read about the other things stuffed in this bill??
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The possible total including the bailout bill, the "nationalization" of Fannie and Freddie, plus all of the other money thrown at this problem?
Possible bottom line $1.8 TRILLION!
This article just a faitly good job of explaining:
Bailout bill loops in green tech, IRS snooping
http://news.cnet.com/8301-13578_3-10057618-38.html
If you like trickle down, you will probably be a huge fan of what has been foisted upon the taxpayer.
And you just have to love this:
It does not include, however, any statutory dollar limit on how high executive salaries of TARP bailout recipients can be. Instead, it lets Treasury Secretary Henry Paulson, the former CEO of Goldman Sachs, come up with "appropriate standards." In addition, only the top five executives will have their golden parachutes limited; all the rest will remain untouched, even if their second-tier salaries and bonuses happen to be in the millions or tens of millions of dollars.
Will the bailout work?? I'm hearing more and more claims that we will simply be throwing the money away-
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flyonthewallzz1 year, 2 months ago
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HI Nostalgia:
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Here is a silly tangential thought, and I only bring it up because I have your attention and have read enough of your words to respect your view point. Even though I do not always agree with it.
I have been thinking of the way GDP is calculated.
I think government deficit spending should be deducted in the same way imports are.
Here is a moonbat thought, but I wonder what our GDP would look like if interest on dept was subtracted as well? -
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memestryker1 year, 2 months ago
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I've felt relatively certain all along that the bailout will be throwing money away. We are using an untested fix against a failure we don't even understand. Even if we conduct a root cause analysis, we may not really know how various factors contributed, and that would take a lot of time and money.
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donald51Comment removed: Hard Banned
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stalemateComment removed: Retracted by user
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Wolfie20071 year, 2 months ago
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My daughter brought up a point this morning that I had never considered. She was wondering if all this rush to get the bailout done had something to do with the members of congress watching their retirement accounts evaporate. You do know that congresspeople, after serving one term, get fat cat pensions the rest of us can only dream about. The pension money is invested in the market. So,hmmmm. I hadn't thought of that.
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Wolfie20071 year, 2 months ago
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You can check here to see how your representative voted on the bailout. http://www.usnews.com/blogs/the-home-front/2008/10...
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Klarissa1 year, 2 months ago
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This tells it all
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. . .
the California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were trying to fix something that wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines." -
Republicrat1844Comment removed: Retracted by user4 Replies
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DaneL1 year, 2 months ago
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"Democrat Fingerprints are all over the financial crisis"
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Fingerprints h#ll! The democraps signed, sealed and delivered this mess and the republicans don't have the balls to call them on it. Loved the way O'Reilly called out Frank on the issue. -
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redtomatoComment removed: Spammer
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ConsAreNonGrata1 year, 2 months ago
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Geez, Cons, how many times do I have to repeat myself.
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The data shows that subprime mortgages took off after 2002. That was after Bush announced his goal of increasing minority housing (Strange, I thought that was a Dem thing).
It's funny that Cons keep trying to throw blame on the Dems when The Decider was the one who decided to start handing out down payment assistance.
Not to mention that by 2006, 61% of all subprime mortgages were given to people with credit scores that qualified them for prime loans. I suppose the mean old Dems passed legislation that made greedy banks engage in predatory lending, eh, Cons?
Finally, I'm tickled pink to hear Cons whine about the mean old Dems blocking "reform." All you have to do is realize that Cons can't help but call Dems failures in Congress because Dems are "in charge" with a majority. Then remember who had the majority then - the GOP. I guess the only standard Cons have is to whine about Dems, whether they have the majority in Congress or not.
Double standards, the right one is the one Cons distract with in the Con Culture of Lies and Incompetence.-
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Georgia501 year, 2 months ago
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FICO scores are only one component of qualifying for a mortgage loan. There's also income, down payment, and employment status.
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Besides, Bill Clinton is already on record stating that it was the Democrats who hindered him and Republicans from reforming Fennie and Freddit. -
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Ratskii1 year, 2 months ago
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Got to shake my head and laugh. First most of the posters on this thread blame the democrats for not getting much done 2006-2008 since the have the "MAJORITY." Now they are claiming that the dems were able to block any effective action by the repubs when the repubs had an even bigger majority. Go ahead, appoint a special prosecutor (yeah I'm for it) because I'll bet that in the end three times as many republicans will end up serving time as democrats.
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I'll repeat one more time for those who are slow: I have not seen one whit of evidence that the CRA loans are a primary cause of the current economic malaise.
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